Ann: ICI Raises A$10.5m in Oversubscribed Placement, page-46

This is actually not a dilution issue. Think about it from a management standpoint, if know the company is doing badly would you put money than 10% into the company still? or would you try to raise money from the public instead?
While, there are finance theory that say management will do capital rising if they think price is high this usually apply to the public offering only. Think about it again if your are on the inside you won’t be stupid enough to put more than 10% at a 0.14 when you think it is 0.1 per share.

While it is true, that in the the short run this would benefit the insider and a disadvantage to the retail investors. In the long run, it would benefit everyone if they were able to use this capital well.